Accounting chapter 1 (1)

  1. Resources of a company.
    Assets
  2. Amounts owed to creditors.
    Liabilities
  3. owners', claims to resources, which equal the difference between total assets and total liabilities.
    Stockholders equity
  4. Equation that shows a company's resources (assets) equal creditors' and owners' claims to those resources (liabilities and stockholders' equity).
    Accounting equation
  5. Assets- Liability=
    S.E
  6. are the amounts recorded when the company sells products or provides services to customers.
    Revenue
  7. Distributions by a corporation to its stockholders
    Dividends
  8. are the costs of providing products and services.
    Expenses
  9. measures the difference between revenues and expenses
    net income
  10. A system of maintaining records of a company's operations and communicating that information to decision makers.
    Accounting
  11. Operating cash flows + Investing cash flows+ Financing cash flows
    change in cash
Author
hey_itsdarra
ID
334107
Card Set
Accounting chapter 1 (1)
Description
chapter 1
Updated